Calgro M3 Holdings Limited · JSE:CGR
Calgro M3 — H1 2027 Earnings Presentation
27 slides from Calgro M3's earnings presentation, October 2026
Slide 1: Interim Financial Results
INTERIM FINANCIAL RESULTS For the period ended 31 August 2026
Slide 2: Agenda
AGENDA Underlying Strategic Period under Financial business The future Appendix progress review review performance
Slide 3: Strategic progress
01 Strategic progress Bankenveld District City
Slide 4: Strategic Pillars – Business Strategy
STRATEGIC PILLARS – BUSINESS STRATEGY OPERATIONAL REPOSITIONING THROUGH FOUR STRATEGIC PILLARS 1 ● Progressing 2 ● Progressing 3 ● Work in progress 4 ● Progressed Sale of non-core Focussing Integrated Reduction of debt in Staff strategic skills assets Developments the long term development (trading
Slide 5: Strategic Pillars: Progress Update
STRATEGIC PILLARS: PROGRESS UPDATE Bucket Development Period Progress update 1 • Offer to purchase accepted Cornubia Short-term • Deal will become unconditional upon finalisation of the due diligence Bucket 1 Sale of non-core Short term assets Vredehoek Short-term • Memorandum of understanding has b
Slide 6: Strategic Pillars: Progress Update
STRATEGIC PILLARS: PROGRESS UPDATE Trade-out of non-core developments 2 Number of units Number of units Focusing Development (August 2025) (August 2026) Progress update Integrated • 140 units under construction with guaranteed offtake agreement to rental Developments Scottsdene 386 220 investor Expa
Slide 7: Strategic Pillars: Progress Update
STRATEGIC PILLARS: PROGRESS UPDATE Core developments 2 Focusing Development Number of units Duration (years) 5 Integrated Developments Bankenveld District City (Gauteng) 20,000 20 Expanding Memorial Parks Fleurhof (Gauteng) 4,707 >10 Shift focus to a maximum of five large South Hills (Gauteng) 4,490
Slide 8: Period under review
02 Period under review Skyline Views
Slide 9: Key Metrics
KEY METRICS Non-core project completion / sale of non-core assets progressing on plan Strong organic growth from Memorial Parks NAV PER SHARE EARNINGS PER SHARE HEADLINE EPS R17.21 78.99 cps 78.99 cps ▲ +4.49% vs Feb 2026: R16.47 ▼ -4.83% vs Aug 2025: 83.00 cps ▼ -4.67% vs Aug 2025: 82.86 cps ROLLIN
Slide 10: Underlying business performance
03 Underlying business performance Fleurhof
Slide 11: Residential Property Development
RESIDENTIAL PROPERTY DEVELOPMENT Revenue (R’m) GP margin (%) Total remaining opportunities 2 Focusing 417.87 26.56 31,792 2025: 420.20 2025: 26.25 (Excluding land classified as non-core) Integrated Developments • Consistent performance in a challenging market — end-user demand constrained, affordabl
Slide 12: Memorial Parks
MEMORIAL PARKS Revenue (R’m) GP margin (%) Total remaining opportunities 2 Focusing 47.81 55 113 309 2025: 39.83 2025: 50 (Excluding pending expansions) Integrated Developments • Revenue and gross profit growth Expanding • Successful launch of Rustenburg Memorial Park Memorial Parks • Strategic expa
Slide 13: Financial review
03 Financial review Rustenburg Memorial Park
Slide 14: Results at a Glance
RESULTS AT A GLANCE Revenue stable, margin held EPS/HEPS down on a one-off above target item, not operations R465.7m R465.7m revenue (Aug 2025: R460.0m); gross R12.73m R12.73m modification loss on the JV loan facility profit margin 29.46%, above the Group's 20– drove the EPS/HEPS decline — underlyin
Slide 15: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited (R’000) Aug 2026 Aug 2025 Feb 2026 Revenue 465 668 460 030 893 174 ▲ Cost of sales (328 488) (324 654) (650 261) ▼ Gross profit 137 180 135 376 242 913 ▲ Increase in GP Margin from improved sales volumes in Memorial Parks Gross profit mar
Slide 16: Statement of Cash Flows
STATEMENT OF CASH FLOWS Unaudited Unaudited Audited (R’000) Aug 2026 Aug 2025 Feb 2026 Increase from sectional title units under construction and infrastructure spend at Fleurhof, Jabulani and BDC. Cash (utilised in)/ generated from operations (110 304) (50 631) (14 786) The sectional title units, w
Slide 17: Statement of Financial Position - Assets
STATEMENT OF FINANCIAL POSITION - ASSETS Unaudited Unaudited Audited (R’000) Aug 2026 Aug 2025 Feb 2026 Assets Cash and cash equivalents 52 308 163 343 183 722 Trade and other receivables 154 869 100 829 159 625 The increase in this balance reflects a combination of the development of sectional titl
Slide 18: Statement of Financial Position - Equity/Liabilities
STATEMENT OF FINANCIAL POSITION - EQUITY/ LIABILITIES Unaudited Unaudited Audited (R’000) Aug 2026 Aug 2025 Feb 2026 Total equity 1 642 286 1 504 642 1 571 178 Liabilities Trade and other payables 271 658 257 384 263 334 Current income tax liabilities - 6 606 239 Early refinance of maturing facility
Slide 19: Borrowings and Covenants
BORROWINGS AND COVENANTS BORROWING MATURITIES COVENANTS Rand Net debt to equity ratio Outstanding capital (R’000) 0.86 Opening balance 1 March 2026 28 Feb 2026: 0.74 Max 1.5 1 374 060 New debt 203 750 Debt service cover ratio 1.35 Debt repaid (136 750) 28 Feb 2026: 1.54 Min 1.2 Closing balance 31 Au
Slide 20: The future
04 The future Bankenveld District City
Slide 21: Outlook
OUTLOOK RESIDENTIAL DEVELOPMENTS MEMORIAL PARKS Market demand remains entrenched and borrowing conditions are improving — mortgage bond approvals stable, banks continue to support affordable housing Market demand for premium burial spaces remains high Rising investor buyer interest and consumer conf
Slide 22: Investor Relations Q & A
Investor Relations Ben Pierre Malherbe (CEO) Email: [email protected] Q&A Sayuri Naicker (CFO) Email: [email protected] Vanessa Rech (KRIS) Email: [email protected] Tel: 083 307 5600 Fleurhof
Slide 23: Disclaimer
Disclaimer Calgro M3 has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements'. Forward-looking statements may be identified by
Slide 24: Appendix
05 Appendix Skyline Views
Slide 25: Recap: Strategic Outlook
RECAP: STRATEGIC OUTLOOK Continue to execute on the Prioritise disposing of non-core Completion of remaining non-core 1 2 3 strategic pillars assets projects • Balance the two business segments long-term by • Mid-to-high properties • Kwa-Nobuhle reducing non-contributing Residential projects and Dev
Slide 26: Long-Term Core Projects (> 5 Years)
LONG-TERM CORE PROJECTS (> 5 YEARS) Number of Duration Region Development units (years) Bankenveld 20 000 >15 Gauteng Fleurhof 4,707 >10 South Hills 4,490 5-7 Belhar 1,310 3-5 Western Cape Actively working on replacement projects Total >30,000 The above core pipeline excludes new land acquisitions a
Slide 27: Repositioning of Memorial Parks Portfolio
REPOSITIONING OF MEMORIAL PARKS PORTFOLIO 10% contribution to Group Revenue 8% contribution to Group Revenue R106.9 m 4% R95.5 m More meaningful contribution to contribution to Group Revenue Group revenue with a strategic target of cash collections covering 2% contribution to Group R68.2 m both Grou